Russell Jones & Walker and Walker Smith Way were bought four years and one year ago respectively, with each deal stipulating lock-ins to prevent early sales. The shareholders were prohibited from selling shares until next month and have faced the painful truth that holdings that worth a total of around A$850,000 (£462,000) now would have been worth nearer A$25m (£13.6m) just a year ago.
Deadline approaches
To add to the firm's worries, Slater and Gordon’s lenders are now analysing the company's revised business plan with a deadline of the end of this month looming. If the plan is not accepted, the lenders can decide to call in their loans by the end of March 2017. Sources: The Sydney Morning Herald; The Law Society Gazette; The Motley Fool
Email your news and story ideas to: [email protected]
